We are dealing with Academy Racing and Go Karting business. We are conducting X30 Championship during January 2018 in India. For this purpose we are importing 34 nos of engine for the karting to be used by the Racers. While importing the engine we have to pay customs duty at 10.36% and GST at 28% (under HSN Code 8407). We are getting revenue from the Racer as Team charges (under SAC 999652). We are capitalizing these engine. Please clarify us can we claim for input credit of the GST tax paid in the event of capitalizing the engine.
CAclubindia
